Debt (Tables)

3 Months Ended

Mar. 31, 2017

The following presents condensed consolidating financial information on an issuer (Matador), Non-Guarantor Subsidiaries, Guarantor Subsidiaries and consolidated basis (in thousands). Elimination entries are necessary to combine the entities. This financial information is presented in accordance with the requirements of Rule 3-10 of Regulation S-X. The following financial information may not necessarily be indicative of results of operations, cash flows or financial position had the Guarantor Subsidiaries operated as independent entities.



Condensed Consolidating Balance Sheet March 31, 2017
	Matador		Non-Guarantor Subsidiaries		Guarantor Subsidiaries		Eliminating Entries			Consolidated
ASSETS
Intercompany receivable	$	389,913	$	2,762	$	—	$	(392,675	)	$	—
Other current assets	1,850		15,153		292,973		—			309,976
Net property and equipment	4		124,974		1,248,237		—			1,373,215
Investment in subsidiaries	1,052,474		—		65,812		(1,118,286		)	—
Other long-term assets	—		—		3,202		—			3,202
Total assets	$	1,444,241	$	142,889	$	1,610,224	$	(1,510,961	)	$	1,686,393
LIABILITIES AND EQUITY
Intercompany payable	$	—	$	—	$	392,675	$	(392,675	)	$	—
Other current liabilities	18,008		13,272		136,025		—			167,305
Senior unsecured notes payable	573,968		—		—		—			573,968
Other long-term liabilities	—		574		29,050		—			29,624
Total equity attributable to Matador Resources Company	852,265		65,812		1,052,474		(1,118,286		)	852,265
Non-controlling interest in subsidiaries	—		63,231		—		—			63,231
Total liabilities and equity	$	1,444,241	$	142,889	$	1,610,224	$	(1,510,961	)	$	1,686,393



Condensed Consolidating Balance Sheet December 31, 2016
	Matador		Non-Guarantor Subsidiaries		Guarantor Subsidiaries		Eliminating Entries			Consolidated
ASSETS
Intercompany receivable	$	316,791	$	3,571	$	12,091	$	(332,453	)	$	—
Other current assets	101,102		4,242		173,838		—			279,182
Net property and equipment	33		113,107		1,071,385		—			1,184,525
Investment in subsidiaries	856,762		—		90,275		(947,037		)	—
Other long-term assets	—		—		958		—			958
Total assets	$	1,274,688	$	120,920	$	1,348,547	$	(1,279,490	)	$	1,464,665
LIABILITIES AND EQUITY
Intercompany payable	$	—	$	12,091	$	320,362	$	(332,453	)	$	—
Other current liabilities	9,265		16,632		143,608		—			169,505
Senior unsecured notes payable	573,924		—		—		—			573,924
Other long-term liabilities	1,374		602		27,815		—			29,791
Total equity attributable to Matador Resources Company	690,125		90,275		856,762		(947,037		)	690,125
Non-controlling interest in subsidiaries	—		1,320		—		—			1,320
Total liabilities and equity	$	1,274,688	$	120,920	$	1,348,547	$	(1,279,490	)	$	1,464,665

Condensed Income Statement



Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2017
	Matador			Non-Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminating Entries			Consolidated
Total revenues	$	—		$	9,663		$	132,648		$	(7,497	)	$	134,814
Total expenses	1,260			3,868			82,905			(7,497		)	80,536
Operating (loss) income	(1,260		)	5,795			49,743			—			54,278
Net gain on asset sales and inventory impairment	—			—			7			—			7
Interest expense	(8,455		)	—			—			—			(8,455		)
Other income	27			—			43			—			70
Earnings in subsidiaries	53,672			—			3,825			(57,497		)	—
Income before income taxes	43,984			5,795			53,618			(57,497		)	45,900
Total income tax provision (benefit)	—			54			(54		)	—			—
Net income attributable to non-controlling interest in subsidiaries	—			(1,916		)	—			—			(1,916		)
Net income attributable to Matador Resources Company shareholders	$	43,984		$	3,825		$	53,672		$	(57,497	)	$	43,984



Condensed Consolidating Statement of Operations For the Three Months Ended March 31, 2016
	Matador			Non-Guarantor Subsidiaries		Guarantor Subsidiaries			Eliminating Entries			Consolidated
Total revenues	$	—		$	1,317	$	44,047		$	(741	)	$	44,623
Total expenses	1,935			1,133		143,925			(741		)	146,252
Operating (loss) income	(1,935		)	184		(99,878		)	—			(101,629		)
Net gain on asset sales and inventory impairment	—			—		1,065			—			1,065
Interest expense	(6,875		)	—		(322		)	—			(7,197		)
Other income	—			—		94			—			94
(Loss) earnings in subsidiaries	(98,851		)	—		190			98,661			—
(Loss) income before income taxes	(107,661		)	184		(98,851		)	98,661			(107,667		)
Total income tax (benefit) provision	(7		)	7		—			—			—
Net loss attributable to non-controlling interest in subsidiaries	—			13		—			—			13
Net (loss) income attributable to Matador Resources Company shareholders	$	(107,654	)	$	190	$	(98,851	)	$	98,661		$	(107,654	)

Condensed Cash Flow Statement



Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2017
	Matador			Non-Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminating Entries			Consolidated
Net cash (used in) provided by operating activities	$	(99,235	)	$	(1,064	)	$	161,608		$	—		$	61,309
Net cash provided by (used in) investing activities	29			(32,950		)	(63,359		)	(142,040		)	(238,320		)
Net cash provided by financing activities	—			31,707			85			142,040			173,832
(Decrease) increase in cash	(99,206		)	(2,307		)	98,334			—			(3,179		)
Cash at beginning of period	99,795			2,307			110,782			—			212,884
Cash at end of period	$	589		$	—		$	209,116		$	—		$	209,705



Condensed Consolidating Statement of Cash Flows For the Three Months Ended March 31, 2016
	Matador			Non-Guarantor Subsidiaries			Guarantor Subsidiaries			Eliminating Entries			Consolidated
Net cash (used in) provided by operating activities	$	(5,663	)	$	4,294		$	19,727		$	—		$	18,358
Net cash used in investing activities	(109,810		)	(26,482		)	(53,675		)	132,035			(57,932		)
Net cash provided by financing activities	141,736			22,225			109,245			(132,035		)	141,171
Increase in cash	26,263			37			75,297			—			101,597
Cash at beginning of period	80			186			16,466			—			16,732
Cash at end of period	$	26,343		$	223		$	91,763		$	—		$	118,329